Betsey Johnson filed for bankruptcy two weeks go, leaving many to speculate about what exactly was going to happen to the brand. The company announced it would close 63 of its retail stores (though some flagships will apparently stay open) and lay off 350 of its staffers, while plans for future fashion shows are up in the air. The latest update we have is that Betsey Johnson’s inventory is being liquidated.
According to WWD:
Betsey Johnson the designer remains creative director of the brand, which is not involved in the bankruptcy filing. It is expected that the bulk of the freestanding boutiques will shutter. The liquidation of the inventory could begin as early as today and run through the end of July. The liquidation firms will pay the bankrupt entity $5.2 million immediately, followed by a percentage of the value of the inventory.
We love sales, except when they’re the going-out-of-business kind.